Yancoal announces 1H15 loss

Australian coal producer, Yancoal, has announced a loss after tax of AUS$145.4 million on revenue of AUS$634.4 million and production of 7.7 million t of saleable coal.

“While we have overcome significant geoligcal conditions at our underground operations to achieve a strong production result for the report period, our operations have not been immune to the significant impacts of the negative operating environment,” said CEO Reinhold Schmidt.

“In the second half of the year, we remain focused on reducing costs and maintaining consistent strong production in line with operational targets, while developing our brownfield growth strategy.”

In late 2014, the company was forced to strengthen its capital structure through the issuing of subordinated capital notes, as well as a getting a recommitment to new financial support from its major shareholder, Chinese coal company Yanzhou Coal Mining Co.